Phoenix Footwear Group, Inc. announced that it may file a registration statement with the Securities and Exchange Commission by the end of the second quarter of 2004 for a proposed follow-on offering that the Company anticipates will include newly issued shares of its common stock sold on a firm commitment basis by an underwriter. The Company expects to use the net proceeds from the offering primarily for general corporate purposes, including working capital, reduction of debt and possible future strategic acquisitions. The exact timing and terms of the proposed offering are dependent upon market conditions and will be determined in the future by the Company and its underwriter. Accordingly, the Company plans to observe SEC rules regarding communications while in registration.
A registration statement relating to these securities has not been filed with the Securities and Exchange Commission. This release does not constitute an offer to sell, or a solicitation of an offer to buy, any shares of Phoenix Footwear. These shares may not be sold, and offers to buy may not be accepted, before a registration statement is declared effective by the Securities and Exchange Commission. This press release is being issued pursuant to and in accordance with Rule 135 under the Securities Act of 1933, as amended.
